Outpaced by Coupang, Shinsegae carries out major leadership reshuffle

South Korean retail giant Shinsegae Group conducted a large-scale, earlier-than-usual personnel shakeup following its flagging business showings and losing race against fast-growing retail powerhouses such as Coupang. Via an executive appointment conducted a month ahead of its usual timing, 9 out of 25 of Shinsegae Group's chief executive officers, or some 40 percent, were replaced. The reshuffle was made in accordance with Shinsegae Group's new system personnel management system dubbe

IndustrySept. 22, 2023

Mirae Asset continues to lead domestic equity ETF market

Mirae Asset Global Investments has been leading the domestic equity ETF market with its innovative growth ETFs since April 2022, according to data from the Korea Financial Investment Association. In recent years, ETF products have become increasingly popular in Korea and have attracted significant inflows of funds. As a result, the Korean ETF market attracted more than 100 trillion won ($74.77 billion) in investments, with equity ETFs attracting 50 trillion won. Industry sources say Mirae Asset&

IndustrySept. 22, 2023

Apple to launch iPhone15 series in S. Korea on Oct. 13

Apple’s latest flagship smartphone series will likely launch in South Korea next month, according to industry sources Friday. Apple is preparing to sell its new smartphones -- the iPhone15, iPhone15 Plus, iPhone15 Pro and iPhone15 Pro Max -- on Oct. 13 in Korea, taking preorders a week ahead of the official release here, sources said. If the tech giant rolls out its latest smartphone lineup on that date in Korea, it will be about a month after the company first unveiled the iPhone 15 serie

TechnologySept. 22, 2023

Hyundai Motor marks 25 years of supporting pediatric cancer patients

Hyundai Motor Group Executive Chair Chung Euisun has reiterated the importance of corporate responsibility as the South Korean automaker celebrated the 25th anniversary of Hyundai Hope on Wheels, a US-based nonprofit organization established to support pediatric cancer research and childhood cancer patients. “Under the vision ‘Progress for Humanity,’ Hyundai Motor is committed to doing the right things for the entire world including innovating products and fulfilling corporate

MobilitySept. 22, 2023

Lotte opens major shopping complex in Vietnam

Lotte Shopping, the retail arm of South Korean retail giant Lotte Group, said it held the grand opening ceremony for its shopping complex Lotte Mall West Lake Hanoi on Friday, following the company's efforts to expand its presence in the Vietnamese market. Standing on a 354,000-square-meter site, and considered one of the largest shopping complexes in Vietnam, the commercial complex is comprised of a wide selection of facilities -- ranging from a shopping mall, supermarket, hotel, aquarium

IndustrySept. 22, 2023

Seoul shares open lower amid woes over Fed's drawn-out rate hike cycle

South Korean stocks started lower Friday, tracking an overnight tumble on Wall Street, amid concerns the US Federal Reserve will keep its restrictive monetary policy in place for longer than expected. The benchmark Korea Composite Stock Price Index lost 21.67 points, or 0.86 percent, to 2,493.30 in the first 15 minutes of trading. All three US stock indexes fell on Thursday as investors' risk appetite dwindled after the Fed hinted it may go for another rate hike later this year after a rate

MarketSept. 22, 2023

[From the Scene] HD Hyundai offers a glimpse of second-gen autonomous construction equipment

HD Hyundai Infracore, the construction equipment arm of HD Hyundai, revealed the future of construction technology at Boryeong Proving Ground, a mock construction site in Boryeong, South Chungcheong Province on Wednesday. The company showcased their second-generation Concept-X equipment, an update following the introduction of the first generation in 2019. Concept-X represents the company's concept integrated IT-driven construction management system. This system employs drone 3D scanning to

IndustrySept. 22, 2023

Han Sung Motors wins five trophies in Mercedes-Benz Korea contest

Han Sung Motor, the local importer and distributor of Mercedes-Benz, said Thursday it has won five events in this year’s “Korea TechMaster,” a technician competition held by the German brand. Since 2007, Mercedes-Benz Korea has run the Korea TechMaster competition every two years with the aim of further ramping up the brand’s expertise and customer services. Following the preliminary round attended by 969 service center employees, only 40 people remained in the final tour

IndustrySept. 21, 2023

Khanfilter eyes global expansion with innovative air purifier

Khanfilter, a South Korean supplier of high-performance air filters, has seen early success with its air purifier that uses automotive technology to help it remove over 90 percent of odor and particle matter without losing performance in challenging environments. Traditional filters exhibit a sharp decline in performance when exposed to water vapors or oil mist, a common condition in kitchen spaces. However, Khanfilter’s flagship indoor air purifier Khanpure has provided a timely solutio

IndustrySept. 21, 2023

Asiana Airlines tops customer satisfaction index

Asiana Airlines, South Korea’s second-biggest carrier, said Thursday it received the top marks from a high-rated customer satisfaction index, for ninth consecutive year. According to Asiana, it was ranked No. 1 in the aviation sector of 2023 Korean Customer Satisfaction Index Awards held at Jung-gu, Seoul. This is the 25th time Asiana Airlines has won the category since the customer survey for the aviation sector was first initiated in 1995. Organized by Korea Management Association Consul

IndustrySept. 21, 2023

SPC Samlip to showcase K-desserts at int'l food fair

South Korean confectionery company SPC Samlip has joined global food trade fair Anuga to promote Korean dessert products, the company said Thursday. Anuga is an annual food trade fair held in Cologne, Germany. This year’s edition will run between Oct. 7-11, featuring around 8,000 companies from 100 countries. During the fair, which will attract over 100,000 visitors, SPC Samlip will introduce its 53 products, ranging from yakgwa (deep-fried honey cookies) to hotteok (sweet pancakes with br

IndustrySept. 21, 2023

[Herald Interview] Next & Bio aims to build Asia’s largest library of organoids

South Korean biotech company Next & Bio, which specializes in developing organoid-based medicine solutions, aims to build the largest organoid library in Asia, its CEO told The Korea Herald in a recent interview. Organoids are cell-based in vitro models that mimic many aspects of the complex structure and function of the corresponding human organs. Organoid-based systems have been recently spotlighted as alternatives to animal experimentation in clinical research and precision medicine. &ldq

IndustrySept. 21, 2023

[Photo News] For 2030 Busan World Expo

Hyundai Motor Group is promoting South Korea's bid to host the 2030 World Expo in Busan with the automaker's electric vehicles -- the Ioniq 5 and Ioniq 6 -- bearing the slogan "Busan is ready" near Duffy Square, north of New York's Times Square. The Group has been driving the specially painted vehicles around the city during the UN General Assembly, which is taking place in the city this week. (Hyundai Motor Group)

MobilitySept. 21, 2023

Finance Minister Choo warns of 'higher for longer' rates

Financial Minister Choo Kyung-ho said Thursday high interest rates could persist for longer than expected in response to the US Federal Reserve’s decision to hold its policy rates steady earlier in the day. The US Federal Open Market Committee kept its policy rates unchanged at 5.25-5.5 percent, maintaining the rate gap between South Korea and the US at up to 2 percentage points. The Bank of Korea’s current base rate stands at 3.5 percent. “The FOMC decision shows high rates co

EconomySept. 21, 2023

Broadcom slapped with W19.1b fine for abusing market power in Korea

South Korea’s antitrust regulator said Thursday it is imposing a fine of 19.1 billion won ($14.2 million) on US chipmaker Broadcom, along with a corrective order, for its unfair business activities against Samsung Electronics. The move came after the US chipmaker forced Samsung to sign a long-term contract to use its telecommunications components in 2020 by abusing its market dominance and using unlawful tactics, including cutting off its supply and technical support, the Fair Trade Commis

TechnologySept. 21, 2023

Hana Financial launches 24/7 day care centers

Hana Financial Group announced Thursday it will launch a five-year project, Hana-run day care centers, that are open 365 days, even 24 hours a day, with the aim of reversing South Korea’s continually falling birth rate. This new project is a part of the program, Hana Life Journey Support, which strives to alleviate the struggles shared by families going through life-changing events such as marriage, childbirth and aging. Aiming to tackle the nation’s record-low birth rate, Hana has f

IndustrySept. 21, 2023

KG Mobility vows to export 200,000 cars by 2026

KG Mobility on Thursday vowed to sell 200,000 cars in global markets by 2026, expanding its global networks from the Asia-Pacific region to Europe. The South Korean carmaker’s planned sales target consists of 200,000 exports -- 100,000 cars and 100,000 units of complete knock-downs -- unassembled car parts -- and 120,000 units of domestic sales in the citied period. “Based on the cumulative $1 billion exports, we are expected to be awarded as one of the Korean companies to have con

MobilitySept. 21, 2023

European automakers call for lower regulatory barriers for EVs

European automakers called for a relaxation of regulations on selling electric vehicles in Korea during a press conference for the publication of a white paper by the European Chamber of Commerce in Korea on Thursday. The ECCK’s passenger vehicles committee chairperson, Kim Hong-joong, said that the recent law amendment requiring automakers to secure the pre-certification of electric vehicle batteries to prevent safety hazards should be aligned with United Nations standards. “We re

IndustrySept. 21, 2023

LG CNS opens coding class for rural students

Korean IT solutions provider LG CNS said Tuesday its employees a one-day class for elementary students in Buyeo-gun, South Chungcheong Province, to promote inclusive access to digital education. The social contribution campaign is a part of the company’s “AI Genius” program to help the youths set their future goals and visions with AI. Following its first activity at Gangneung, Gangwon Province last year, LG CNS once again launched the coding class for students in rural areas,

IndustrySept. 21, 2023

Smartphone shipments in S. Korea fell 13.2% on-year in Q2: report

Smartphone shipments in South Korea declined more than 13 percent on-year in the second quarter, recent data showed Thursday, as demand remained sluggish over economic uncertainties. The total shipment came to approximately 2.8 million units for the April-June period, down 13.2 percent from a year ago, as "demand for smartphones continued to slow down amid economic uncertainties," the Korea branch of International Data Corporation said. But the shipments of premium smartphones, priced

IndustrySept. 21, 2023